The core definition of merchant services is very simple. Merchant services is literally transferring money from a customer’s bank account into a...
Two Things I Wish I Knew Ten Years Ago About Business
This is a bit unique. But I’d like to share some principles which may be very helpful to those of you following my content. I really appreciate those who enjoy my content, especially those who aren’t even selling credit card processing. If I had known these two things ten years ago, I would’ve been […]
This is a bit unique. But I’d like to share some principles which may be very helpful to those of you following my content. I really appreciate those who enjoy my content, especially those who aren’t even selling credit card processing. If I had known these two things ten years ago, I would’ve been farther down the road now! Learn for yourself from my experience in this episode.
#1. Everybody in business is looking out for their own interests. AND everybody has a different perspective on what that is! Many of you don’t have a good perspective on what’s happening around you. Don’t think only about yourself and what you want. That is not profitable. And even more dangerous is assuming you know what someone else wants. Everybody has a different idea and different requirements. Here are some examples to make this more practical.
No matter what business you have, there are probably four or five main decision makers who have a huge impact on your profitability. The CEO of the processing company for whom you sell, your manager, coach, or mentor at your processing company, even a key client could fall into this category. Perhaps this person has some flexibility in providing resources such as an appointment scheduler. These are core people making decisions which are going to impact you. You’re asking yourself how to navigate the situation to your best interest.
The first temptation is one you should resist. “Well, here is what I want. If that is what I want, I just need to try to get what I want.” That attitude will almost guarantee failure.
The second temptation is just slightly better. “I know what this other person wants. I’m going to find a way to give them what they want and make a compromise.” To assume you know what the other person wants is just as dangerous.
You really want to get inside the mind of these people. Get to know them a little bit. This might be difficult if you’re in a career position where people making decisions are three or four levels higher than your day-to-day contact. You may have to go through media to learn what’s important to them. This is important enough to warrant some research.
Several years ago, I had a meeting which was very important to me with someone I didn’t know personally. I spent at least a couple days beforehand reading every interview, watching some YouTube videos, and watching news reports to learn everything I could. I wanted to understand not what I THINK would matter to that person, but what REALLY matters!
For someone who is making a lot of money, their decision may be based on other considerations than money. They do want to make more money, but they aren’t willing to add inconvenience or risk to the equation. If you don’t understand why your processor didn’t want to agree to your deal, think what they would have to do to make the money. They may not want to spend an extra week changing all their operational procedures to justify your twenty deals a month.
Another common misconception is short-term versus long-term. While one person wants to make sure a deal makes money for the next year, another is concerned over the next month. Then there are those who look for a deal making money over the next five years. To understand the person with whom you’re negotiating is very important.
Personally, I am very long-term focused. I want to know how a deal is going to pay off long term. And I’m very protective of my time. I’m not lacking profitable ideas of things to do with my time! Several years ago, I would do anything profitable no matter how much time it took. Things change over time. Think deeply about the people with whom you are negotiating. What is important to them? How can you give them something which is important to them?
Don’t rush! You could lose a negotiation over this urge to rush things along. Your problem isn’t necessarily the other person’s problem. If you are short on cash, you want to rush to close the deal. But that’s not their problem, not part of their consideration. Realize that. Step back and take a breath.
To figure out how someone views their own best interest takes a lot of additional work.
#2. Most problems can be solved with money. I think I finally learned this four or five years ago. I wish I would’ve learned it sooner. There are many variables, but there is probably a price at which you can solve most problems.
Perhaps you’re needing to hire an employee, but you don’t have the money. Consider whether you know how to lead and manage people. Business is a very difficult game. If you want to play, you must come ready to play. Read books. Dive in deep and know what you’re doing. Then once you have the core building blocks, money can solve a lot of problems. In business you must focus on generating cash. That sounds like the most obvious statement ever, but many people don’t understand. The more you focus on generating sales, revenues, and profits, the easier you’ll be able to solve problems.
This may be the most common mistake I see in sales people. Especially is this true with personal problems. A sales rep thinks, “Oh, my car broke down. What am I going to do about this? I’m going to have to take a week to sit on the couch and watch Netflix because I’m so depressed.” However, if this sales rep actually worked harder than ever in the field for thirty days, he or she would probably make enough money to buy a car! Get rides from people or walk. Don’t be prideful. Have the mentality which says, “Look, whatever I have to do to make this work, I’ll do. I’m going to work as hard as I can for thirty days.” If you focus on the problem, you won’t make any money. However, focus on opportunities and putting all your energy and effort into those opportunities. You’ll be amazed at what you can accomplish.
The more money you make, the easier it will be
- to hire an attorney to solve a problem.
- to hire that assistant or secretary and maximize your time.
- to hire an accountant to help with your taxes.
Then you can focus more on sales. Focus on opportunities. I hope you’ve learned for yourself from my experience, so you can be farther down the road than me in ten years!
Read the previous post here: The Key to Selling Savings to a Merchant http://www.ccsalespro.com/key-selling-savings-merchant/
Read the next post here: Have a Happy Marriage and Achieve Success at the Same Time http://www.ccsalespro.com/happy-marriage-achieve-success-time/